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FORECLOSURE REPORTTM 415 N State St Chicago IL 60610-4674 312 644 4602 Q: What information is included in your report? A: We provide a comprehensive list of foreclosed properties in Cook County as well as a selection of foreclosed properties in Illinois counties other than Cook. The report contains a list of newly filed foreclosures as well as a list of scheduled sales of foreclosed properties. Q: What is the difference between newly filed foreclosures and the list of sales? A: The newly filed foreclosures are the properties on which the bank has just filed the foreclosure suit in court. It typically takes a bank several months to bring this suit to judgment. Once the bank receives its judgment, it schedules a sale of the property. Our list is divided into two parts: one part listing the new filings, the other listing the sales. Q: What information do you provide for each property? A: We provide the address of the property being foreclosed, the PIN number (sometimes called the Tax I.D. number), the name of the bank and the homeowner, the name and telephone number of the bank's attorney, the amount of the original loan and the balance due on the loan at the time the bank foreclosed. If a property is about to be sold, we also provide the date, place and time of sale and, when available, the most current amount due, including up-to-date interest and attorneys' fees. Q: What are the benefits of subscribing to your database? A: Law Bulletin Publishing Company's Foreclosure Report represents the most current and comprehensive inventory of foreclosures available in Illinois. Although foreclosed properties are listed in Chicago Daily Law Bulletin newspaper, the Foreclosure Report has a more complete and detailed listing in an easy-to-read format. Q: What are real estate foreclosures? A: Real estate foreclosures are properties that have been foreclosed by lenders because the owners, who have taken loans to buy the property, have defaulted on the loan payments. Owners can default on loan payments for a variety of reasons. Q: What are pre-foreclosures: A: There is no such thing as a pre-foreclosure that is available to the public. As soon as the bank determines that payments have not been made on a loan, the bank files foreclosure documents with the Clerk of Court. At this point, the property is foreclosed and all information in the court file is available to the public. Q: Can people make money investing in foreclosed properties? A: As with any other type of investment, money can be made by a savvy purchaser but, of course, there are no guarantees in any type of investing. Q: Do I need a realtor to buy foreclosed properties? A: You do not need a realtor to buy foreclosed properties. You can buy newly filed foreclosed properties directly from the homeowners. These are listed in the Foreclosure Report as "Federal Court Foreclosures" and as "Circuit Court Foreclosures." You can also attend the foreclosure sales and purchase the property at auction. The scheduled auctions are listed in the Sales section of the Foreclosure Report. Q: What is the difference between Federal Court Foreclosures and Circuit Court Foreclosures? A: Overwhelmingly, the banks use the Circuit Courts of the various counties for filing foreclosure suits. Sometimes, however, circumstances of the loan will allow the banks to use the Federal Court. This usually occurs if the bank is located in a state other than Illinois or if one of the Federal agencies like HUD or the VA has guaranteed the loan. Q: What happens if no one purchases the properties at the foreclosure sale? A: The bank will buy it back for the amount of money the bank is owed. The bank may then sell the property through normal means, usually using a real estate agent. Q: How do I pay for properties at the auction? A: The selling officers generally require 10% - 25% down at the time of sale in cash or certified funds. The balance is generally due within 24 hours, also in cash or certified funds. You can contact the selling officer to determine exactly what requirements each one has. Q: Who may conduct a sale? A: Foreclosure sales companies, the county sheriff or anyone appointed by the court may conduct a sale. The locations of the sales are chosen by these selling officers. The Foreclosure Report lists the sale location for each property that is scheduled for sale. Q: How do I know if there are other liens on the property? A: Any property listed in the Foreclosure Report can have liens, unpaid taxes, or mortgages in addition to the one being foreclosed. The Foreclosure Report does not list these. You can conduct a search at the Recorder of deeds' office. For a small fee contact Real Info at www.realinfo.com. Law Bulletin Publishing Company can conduct a Foreclosure Search or a Nationwide Homeowner's Search, also for a fee. See our web page for additional information. Q: What should I be aware of in buying foreclosed properties? A: Foreclosed properties are generally sold in "as is" condition. No one is required to perform any repairs upon the premises. Expect to fix up the property once you own it. Q: Why is there a charge for this report? I've been told that it is public information! A: It is public information! Circuit Court files may be viewed at the Daley Center or at the Dirkson Federal Courthouse. They may not be removed. Their hours are 8:30 AM to 4:30 PM, Monday through Friday, except holidays. Law Bulletin Publishing Co has taken the time and effort to gather, organize and publish this information and therefore charges a fee. THE SELLING OFFICERS COOK COUNTY SHERIFF Daley Center, 50 W. Washington, 7th Floor Chicago, IL 60602 Tel: 312 603 3341 Sales are conducted Tuesday, Wednesday, and Thursdays at Noon in the 7th Floor Lobby of the Daley Center. INTERCOUNTY JUDICIAL SALES CORP. 120 W Madison St. Suite 718A, Chicago IL 60602 Tel: 312 444 1122. Sales are conducted Monday through Friday at 11 AM at their offices. JUDICIAL SALES CORP. 33 N Dearborn St. Suite 1015, Chicago IL 60602. Tel: 312 236 SALE (312 236 7253). Sales are conducted Monday through Friday at 10:30 AM at their offices. KALLEN FINANCIAL & CAPITAL SERVICES INC. FOR SALES ONLY contact Tel: 312-643-1903. Sales are conducted in the lobby at 175 W. Washington St, Chicago IL 60602. |
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